The Ford Policy Forum is an integral part of the annual symposium of the Forum for the Future of Higher Education. The Forum studies key economic issues likely to influence the quality and performance of colleges and universities. This publication contains the work of the Ford Policy Forum Scholars of 2001 for the annual symposium. In early 1991, before recession was a certainty, the focus for the fall meeting was narrowed to the possible effects of the anticipated depression on higher education. By the time of publication, that prediction had come true. There are four papers: (1) "Introduction" (Michael McPherson and Morton Owen Schapiro); (2) "Build Your Boat Before the Flood: Contingency Planning in Higher Education" (Craig Aase and Gary Krueger); (3) "Coping with Recession: Public Policy, Economic Downturns, and Higher Education" (Patrick Callan); and (4) "Staying on the Island: Higher Education and Reality Politics" (Clayton Spencer). (SLD)